Tuesday, November 5, 2024

Nigeria’s Inflation Soars to Highest Level in Over 28 Years

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Nigeria’s inflation rate continued its relentless climb in June 2024, reaching a staggering 34.19% – the highest level since March 1996.

This surge comes amid the removal of fuel subsidies and a weakening naira, putting immense pressure on the Nigerian people.

Food prices, which make up a significant portion of what Nigerians buy, skyrocketed to a record high of 40.87%.

Staples like bread, cereal, potatoes, and fish saw significant increases, further squeezing household budgets.

The rising cost of living wasn’t limited to food. Housing & utilities, beverages & tobacco, all experienced notable inflation increases.

There was a slight reprieve in clothing & footwear and recreation & culture, but transportation costs remained stubbornly high.

Core inflation, which excludes volatile items like food and energy, painted an even bleaker picture, hitting a new high of 27.40%.

This indicates that inflationary pressures are broad-based and not limited to just a few categories.

The month-on-month increase also offers little comfort. Consumer prices rose by 2.3% in June, following a 2.14% increase in May, suggesting inflation is not slowing down.

The removal of fuel subsidies and a weakening naira are significant contributors to this inflationary spiral.

The government is hoping that raising interest rates can curb inflation, but with prices already this high, Nigerians are feeling the pinch.

Umbhono
Umbhonohttps://www.thesmallbusinesswebsite.com
I am a journalist, graphic designer and web developer who is working as a freelancer.

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